Opening IFRS statement of financial position
6 An entity shall prepare and present an opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting in accordance with IFRSs.
Accounting policies
7 An entity shall use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its first IFRS reporting period, except as specified in paragraphs 13-19 and Appendices B-E.
8 An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application.
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Example: Consistent application of latest version of IFRSs |
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Background The end of entity A’s first IFRS reporting period is 31 December 20X5. Entity A decides to present comparative informat |